Contract Entered into by One Liberty Joint Ventures and One Liberty to Sell Nine Movie Theater Properties Is Amended.

GREAT NECK, N.Y. -- One Liberty Properties, Inc. (NYSE:OLP) announced that the contract entered into by two joint ventures of OLP (in which OLP holds a 50% equity interest) to sell eight properties to a single buyer, and by a wholly-owned subsidiary of OLP to sell one property to the same buyer, has been amended. The amendment provides, among other things, that the due diligence period under the contract has expired and that the closing is conditioned upon the satisfaction, at or prior to closing, of specific terms and conditions, and delivery of specific documents, as set forth in the contract and its amendments. A copy of the contract and its prior amendments were filed by OLP with the Securities and Exchange Commission on Form 8-Ks on June 16, 2006, June 19, 2006 and July 31, 2006, and a copy of this amendment will be filed by OLP with the SEC on Form 8-K. A copy of these filings may be found by accessing OLP's website at: www.onelibertyproperties.com.

One Liberty is a New York-based REIT that specializes in the acquisition and ownership of a diverse portfolio of real estate properties under long term net leases. One Liberty's leases generally provide for contractual rent increases with all operating expenses and most or all other property related expenses paid by the tenant. For more information on One Liberty, please visit our website at www.onelibertyproperties.com.

Caution Concerning Forward-Looking Statements: Materials included in this filing may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Statements that include the words "may," "will," "would," "could," "should," "believes," "estimates," "projects," "potential," "expects," "plans," "anticipates," "intends," "continues," "forecast," "designed," "goal," or the negative of those words or other comparable words should be considered uncertain and forward-looking.